Kevin's Bacon on Nostr: Seniorage, you mean first mover advantage? If so, then on the contrary, Bitcoin has ...
Seniorage, you mean first mover advantage? If so, then on the contrary, Bitcoin has that in common with gold. Fiat allows printing up money for free, which makes it far more imbalanced, and thus substantively different in terms of human interaction, since ethics seems to be what you are trying to distinguish. Gold and bitcoin both can be mined, moreso by those with the knowledge and positioning to do so. Fiat is privileged to a select few not in a free market, which would be merely unsustainable, but in a monopoly, which can extract value from people for a long, long time. This I guess you could argue is usury. But the key thing is that extraction of value is taking place arbitrarily against the consent of the people using the money (because they are forced via taxation and the police force that taxes pay for to use it), whereas in bitcoin, extraction is voluntary. Value will be derived from all participants in the network, as causality cannot be completely separated into private, discrete entities with no entanglements, and values are SUBJECTIVE.
Published at
2025-01-30 01:15:03Event JSON
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"content": "Seniorage, you mean first mover advantage? If so, then on the contrary, Bitcoin has that in common with gold. Fiat allows printing up money for free, which makes it far more imbalanced, and thus substantively different in terms of human interaction, since ethics seems to be what you are trying to distinguish. Gold and bitcoin both can be mined, moreso by those with the knowledge and positioning to do so. Fiat is privileged to a select few not in a free market, which would be merely unsustainable, but in a monopoly, which can extract value from people for a long, long time. This I guess you could argue is usury. But the key thing is that extraction of value is taking place arbitrarily against the consent of the people using the money (because they are forced via taxation and the police force that taxes pay for to use it), whereas in bitcoin, extraction is voluntary. Value will be derived from all participants in the network, as causality cannot be completely separated into private, discrete entities with no entanglements, and values are SUBJECTIVE.",
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